Ardelyx (NASDAQ:ARDX) Trading Up 7.3% – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX)’s share price shot up 7.3% on Friday . The company traded as high as $6.44 and last traded at $6.30. 2,272,711 shares were traded during mid-day trading, a decline of 53% from the average session volume of 4,829,577 shares. The stock had previously closed at $5.87.

Analysts Set New Price Targets

ARDX has been the subject of several research analyst reports. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. HC Wainwright increased their price target on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wedbush reissued an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Finally, Citigroup increased their target price on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Ardelyx has a consensus rating of “Moderate Buy” and a consensus price target of $11.67.

Ardelyx Stock Performance

The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $6.07 and its 200 day moving average is $6.33. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -22.48 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The business had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. During the same period last year, the company posted ($0.08) EPS. The company’s revenue was up 228.3% on a year-over-year basis. On average, analysts predict that Ardelyx, Inc. will post -0.25 earnings per share for the current year.

Insider Buying and Selling at Ardelyx

In related news, insider David P. Rosenbaum sold 20,507 shares of Ardelyx stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the completion of the sale, the insider now owns 158,502 shares in the company, valued at approximately $951,012. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction on Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the transaction, the insider now owns 301,946 shares in the company, valued at $2,089,466.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David P. Rosenbaum sold 20,507 shares of Ardelyx stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the transaction, the insider now owns 158,502 shares in the company, valued at $951,012. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,126 shares of company stock worth $1,298,963. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Ardelyx by 347.4% in the 1st quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock valued at $897,000 after acquiring an additional 95,361 shares during the period. Swiss National Bank grew its holdings in Ardelyx by 6.7% during the 1st quarter. Swiss National Bank now owns 458,300 shares of the biopharmaceutical company’s stock valued at $3,346,000 after purchasing an additional 28,900 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Ardelyx by 100.7% in the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock valued at $3,915,000 after buying an additional 269,046 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Ardelyx by 8.9% during the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after acquiring an additional 4,735 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Ardelyx during the first quarter worth about $341,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company’s lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.